Salesforce.com & CODA Team Up For FinancialForce

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Yesterday, Salesforce.com and CODA announced that they would be joining together to create a new financial software company, FinancialForce.com. Unit 4 Agresso, which owns CODA, will be the majority shareholder in the company, and it is currently unknown what Salesforce’s stake will be.

We do know a few specifics, however. First, FinancialForce will incorporate the on-demand application Coda2go. Coda2go is based on the development platform of Salesforce’s “platform-as-a-service,” Force.com, and it can thus be assumed that Salesforce will provide support for the new application, even though it will technically be a separate entity.

Support aside, the new company will reap the marketing benefits of the –Force suffix. The company’s CEO, former CODA CEO Jeremy Roche, calls FinancialForce an extension of the Salesforce data model, and also praised the application’s myriad integration abilities. Some, like 451 Group analyst China Martens, consider the application as a solution for companies looking for a step up from Excel or Quicken. Others don’t think of it as a threat within the financial software market and consider other products to be more mature than Coda2go. Still, FinancialForce is a smart addition to the Salesforce gallery. And despite Coda2go’s relative immaturity, it is hard to argue the benefit—regarding visibility and development—that FinancialForce will receive from being under the Salesforce umbrella.